Keeping your foot on the accelerator

The value of CPD in accountancy

Global Accounting Network
Global Accounting Network
Global Accounting Network
Keeping your foot on the accelerator
Accounting is a live profession which is constantly evolving in line with external factors and organisational demand. With this in mind, the results from our latest Salary Insights report, produced in conjunction with the Chartered Institute of Management Accountants (CIMA), are no surprise.


Despite having established careers, the clear majority of professionals are embracing the opportunity to continue their professional development (CPD) – and with good reason.At the most basic level, CPD enables professionals to stay relevant and up-to-date with not only ongoing changes in laws and legislation, but also digital advancements and industry trends. Naturally, this helps to advance the body of knowledge within your organisation and the wider profession. While CPD is often most closely associated with professionals who are in the early stages of their careers, the reality is that there is no ceiling to what can be achieved through ongoing training and development.There are no strict guidelines regarding how many hours of CPD accounting professionals are required to undertake each year. ICAEW members must sign an annual declaration that they have completed as much development activity as they feel is required to ‘remain competent’ in their role. Similarly, CIMA doesn’t prescribe numbers of hours or units, rather it asks that members do as much as they need to remain ‘professionally competent’ and meet their career goals. However, our data shows that accounting professionals are typically going above and beyond the mandatory requirements, keeping their foot on the accelerator to keep their careers driving forwards.According to our research, more than two-thirds of all CIMA members in the UK and Ireland were planning to learn new skills within the next year to aid career progression. What’s more, these professionals appear to be focusing on learning strategic and softer skills, with the most frequently mentioned areas for improvement including:

  • Strategy (36%)
  • Influence (29%)
  • Coaching and mentoring (26%)

These are typically the attributes needed to manage teams, lead departments and contribute to discussions at board level. Clearly, our respondents are an ambitious bunch!The truth is that while CPD is a career-long obligation for all practicing professionals, a well-planned CPD strategy safeguards not only your employer, but also your own career. It seems that accountants are increasingly realising that professional development is the key to unlocking new positions where you can lead, manage, consult, influence, coach and mentor others - and those who actively seek out opportunities to broaden their horizons will have the greatest opportunities to excel in their careers.  

Keeping your foot on the accelerator
Date: 18 November 2016
Author: Adrian O'Connor
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